Escorts Kubota Q4 Results: Firm posts drop in profit on higher expenses

Indian tractor manufacturer Escorts Kubota reported an 8.3% decline in Q4 net profit to INR 1.85bn ($22.6m), hurt by rising commodity prices and unexpected rainfall in March. Consensus estimates gathered by Refinitiv IBES had predicted a profit of INR 1.87bn on average. The company had posted six consecutive quarters of declining profits before this, with profit in the same period last year down 28.1%. While revenue rose almost 17% to INR 21.83bn, total expenses climbed 20.2% following a 37% surge in the cost of materials.